Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company reported its mid-year performance for 2025, which met expectations, with a revenue of RMB 6.4 billion in Q2, reflecting a year-on-year increase of 4.5% [4]. - The domestic segment generated RMB 5.1 billion in revenue, up 5.7% year-on-year, exceeding previous guidance [4]. - The company continues to benefit from its asset-light strategy, with management and franchise income growing by 22.8% to RMB 2.9 billion [4]. - The company has accelerated its asset-light transformation in overseas markets, with a significant improvement in operational data for its DH hotels [4]. Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: RMB 21,882 million - 2024: RMB 23,891 million - 2025E: RMB 25,603 million - 2026E: RMB 26,794 million - 2027E: RMB 28,215 million - The expected net profit attributable to the parent company is projected to be: - 2025E: RMB 4,780 million - 2026E: RMB 5,727 million - 2027E: RMB 6,234 million - The company’s earnings per share (EPS) is forecasted to be RMB 1.54 in 2025E, RMB 1.84 in 2026E, and RMB 2.01 in 2027E [4][5]. Operational Efficiency - The company has 12,137 hotels in operation globally, with a total of 1,184,915 rooms as of Q2 2025 [4]. - The revenue from management and franchise hotels accounted for 45.4% of total revenue in H1 2025, up from 38.5% in the same period last year [4]. - The operating profit margin improved by 2.2 percentage points to 27.8% in Q2 2025, with operating profit increasing by 13.7% to RMB 1.8 billion [4]. Market Performance - The company’s domestic RevPAR (Revenue per Available Room) was RMB 235, down 3.7% year-on-year, while the overseas DH hotels saw a RevPAR of €88, up 7.3% year-on-year [4]. - The company plans to distribute a cash dividend of approximately $250 million for H1 2025, reflecting confidence in future cash flows and commitment to shareholder returns [4].

Core Viewpoint - The Chinese hotel industry is facing a new development situation, with "value for money" becoming a key focus for the future, emphasizing the need for companies to quickly identify their positioning and innovate their products and services [1][2]. Group 1: Industry Trends - Consumers are increasingly focused on value for money, seeking better products at lower prices, particularly among younger generations who are sensitive to pricing while valuing quality [2][3]. - Traditional high-end hotels are experiencing stagnation or decline in revenue, leading to a structural transformation in the hotel industry, with older five-star hotels needing significant business model adjustments [2][3]. - The hotel market is seeing increased supply and fierce competition, especially in county-level expansions, which presents challenges in maintaining stable customer flow and managing human resources under low-cost conditions [4][5]. Group 2: Company Strategy - Huazhu Group is leveraging its full brand matrix to efficiently meet the transformation needs of existing properties, while also improving platform efficiency and product iteration to align with new consumer trends [2][3]. - The company reported a 17.5% year-on-year increase in its membership base, reaching 288 million members, and a 28.8% increase in member booking nights [3]. - In Q2, Huazhu opened 597 new hotels and had 2,947 hotels under development, with a total of 1,184,915 rooms in operation, marking an 18.3% year-on-year increase [4]. Group 3: Product and Service Innovation - Huazhu is enhancing product design and service quality to meet consumer demands for value for money, focusing on technology application, supply chain management, and a robust membership system [3][4]. - The company is expanding its mid-range brand, with a 57.1% year-on-year increase in the number of operating and upcoming hotels under the Intercity brand, achieving a RevPAR of 370 yuan [2][4]. - Huazhu is also innovating its offerings to cater to the "cultural tourism" trend, integrating better hotel experiences into travel, and focusing on family suites and services for senior citizens and family travel [6].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.24% to close at 25,104.61 points, and a total trading volume of HKD 239.49 billion [1] - The Hang Seng Tech Index was the worst performer, dropping 0.77% to 5,498.5 points [1] - Huatai Securities noted that the market is in a critical phase with a lack of trading themes and awaiting verification of significant domestic and overseas events, suggesting a window for position adjustment [1] Blue-Chip Stocks Performance - China Resources Power (00836) led the blue-chip decline, falling 5.9% to HKD 18.51, contributing a loss of 3.86 points to the Hang Seng Index [2] - The company reported a revenue of HKD 50.267 billion for the first half of 2025, a decrease of 1.67% year-on-year, and a profit attributable to shareholders of HKD 7.872 billion, down 15.92% [2] - Other notable blue-chip movements included China Biologic Products (01177) rising 3.49% and China Unicom (00762) increasing by 3.39% [2] Sector Highlights High-Speed Rail Infrastructure - Major technology stocks generally weakened, while high-speed rail infrastructure stocks performed well, with China CNR (01766) rising 5.85% and Times Electric (03898) increasing by 5.43% [3] - The National Railway Group announced a tender for 210 high-speed train sets, exceeding market expectations, indicating a positive outlook for the sector [3] Pharmaceutical Sector - The pharmaceutical sector saw most stocks rise, with Basilea Pharmaceutica (02616) increasing by 12.87% and Akeso (01167) rising by 10.04% [4] - The Chinese Premier emphasized the need for high-quality technological support and policy backing for the biopharmaceutical industry, aiming to enhance innovation and production of effective medicines [4] Stablecoin Concept Stocks - Stablecoin-related stocks were active, with ZhongAn Online (06060) rising 6.98% and Yao Cai Securities (01428) increasing by 5.75% [4] - Goldman Sachs reported a new expansion cycle for the stablecoin market, potentially reaching trillions of dollars, with payment applications being a key growth driver [6] Notable Stock Movements - Crystal International (02232) reached a new high, closing up 12.66% at HKD 6.85, reporting a revenue of USD 1.229 billion, a 12.4% increase year-on-year [7] - Hong Kong Robotics (00370) surged 12.86% after signing a significant order for 10,000 humanoid robots, marking a milestone in the industry [8] - Huazhu Group (01179) reported a total revenue of RMB 6.426 billion for Q2 2025, a 4.52% increase, with a net profit of RMB 1.544 billion, up 44.7% [9] - Great Wall Motors (02333) saw a rise of 6.45% following the launch of its new PHEV model, which received over 21,856 orders within 24 hours [10] - ZTE Corporation (00763) increased by 5.38%, with analysts highlighting its underestimated progress in AI and network business [11]

本报讯 （记者梁傲男）8月20日，华住集团有限公司（以下简称"华住集团"）发布上半年财报。今年二 季度公司实现酒店营业额269亿元，同比增长15%；收入达64亿元，同比增长4.5%；经调整净利润13.5 亿元，同比增长7.6%。 截至二季度末，华住集团在营酒店总数达12137家，同比增长18%；在营客房总数1184915间，同比增加 18.3%。报告期内，集团新开业酒店597家，待开业酒店2947家，期末运营中及待开业酒店合计覆盖城 市达1522个。 从核心指标来看，二季度在市场供给增加的压力下，华住中国的日均房价（ADR）、入住率（OCC） 和平均可出租客房收入（RevPAR）为290元、81%和235元，均较上季度有所回升，并分别恢复至2024 年同期的98.1%、98.4%和96.2%。 二季度，华住中国新开业门店数量为595家，其中经济型酒店和中档酒店占比分别达44%、42%，符合 华住中国以经济型和中档酒店为核心服务大众市场的路线。截至二季度末，华住中国运营中及待开业酒 店合计覆盖城市达到1416个，较上年同期增加88个。 华住集团首席执行官金辉表示，集团始终坚持长期主义，强化高质量发展、快速抢占核 ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [7][3]. Core Insights - The company reported a revenue of RMB 6.43 billion for Q2 2025, a year-on-year increase of 4.5%, with a net profit of RMB 1.54 billion, reflecting a significant year-on-year growth of 44.7% [8]. - The company maintains its annual guidance of opening 2,300 new stores and expects revenue growth of 2%-6% for the year [10]. - The report anticipates a continued improvement in profitability, with net profits projected to reach RMB 3.86 billion, RMB 4.33 billion, and RMB 4.97 billion for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 26.6%, 12.3%, and 14.7% [10]. Company Overview - The company operates primarily in the hotel and resort industry, with a market capitalization of RMB 75.05 billion as of August 20, 2025 [2]. - The company has a diversified product mix, with 52.9% of revenue from leased and owned properties, and 44.6% from managed and franchised operations [4]. Financial Performance - For the first half of 2025, the company achieved a total revenue of RMB 11.82 billion, a year-on-year increase of 3.5%, and a net profit of RMB 2.44 billion, up 41.3% year-on-year [8]. - The gross margin improved to 41.61% in Q2 2025, an increase of 2.3 percentage points year-on-year, driven by the shift towards a light-asset strategy [10]. Market Position - The company is experiencing pressure on domestic RevPAR (Revenue per Available Room), which has seen a decline of 3.7% year-on-year, while overseas operations show signs of improvement [10]. - The company continues to expand its network of managed and franchised hotels, with a total of 11,525 managed hotels as of Q2 2025, a 20% increase year-on-year [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported better-than-expected earnings, with revenue growth and a narrowing decline in RevPAR anticipated [1] - The company is positioned as a benchmark in the hotel industry, leveraging brand strength and membership systems to create competitive barriers [7] - The company has adjusted its profit forecasts upward due to exchange gains and revenue structure optimization, projecting net profits of 4.55 billion, 4.82 billion, and 4.96 billion for 2025-2027 [7] Financial Performance Summary - Total revenue for 2023 is projected at 21.88 billion, with a year-on-year growth of 57.86% [1] - Net profit attributable to shareholders for 2023 is expected to be 4.08 billion, reflecting a significant year-on-year increase of 324.33% [1] - The company plans to open 2,300 new stores in the year, with a net increase of 1,700 stores [7] - The company’s revenue for Q2 2025 reached 6.4 billion, a year-on-year increase of 4.5%, exceeding guidance [7] - The adjusted EBITDA for Q2 2025 was 2.5 billion, a year-on-year increase of 32% [7] Revenue and Profit Forecasts - Revenue forecasts for 2024, 2025, 2026, and 2027 are 23.89 billion, 24.99 billion, 27.14 billion, and 28.99 billion respectively [1] - The projected net profit for 2024, 2025, 2026, and 2027 is 3.09 billion, 4.55 billion, 4.82 billion, and 4.96 billion respectively [1] - The earnings per share (EPS) for 2023 is expected to be 1.32, increasing to 1.47 in 2025 [1] Market Data - The closing price of the stock is 26.30 HKD, with a market capitalization of approximately 74.71 billion HKD [5] - The price-to-earnings (P/E) ratio is projected to be 19.20 for 2023 and decrease to 15.82 by 2027 [1]

智通财经获悉，华住集团-S(01179)涨超6%，截至发稿，涨6.08%，报27.9港元，成交额1945.36万港元。 消息面上，华住集团发布2025年第二季度及中期未经审核财务业绩，于2025年第二季度，实现总收入 64.26亿元(人民币，下同)，同比增加4.52%；股东应占净利润15.44亿元，同比增加44.7%。2025年上半 年，实现总收入118.21亿元，同比增加3.46%；股东应占净利润24.38亿元，同比增加41.25%；拟派发 2025年上半年普通现金股息每股普通股0.081美元。 截至2025年6月30日，Legacy-Huazhu有12,016家在营酒店，包括547家租赁及自有酒店以及11,469家管理 加盟及特许经营酒店。此外，截至同日，Legacy-Huazhu有1,159,086间在营酒店客房，包括租赁及自有 模式下的80,587间酒店客房以及管理加盟及特许经营模式下的1,078,499间酒店客房。Legacy-Huazhu亦 有2,925家待开业酒店，包括8家租赁及自有酒店以及2,917家管理加盟及特许经营酒店。 本文源自智通财经网 ...

Core Viewpoint - Huazhu Group's stock price increased by over 6% following the release of its financial performance for Q2 and the first half of 2025, indicating positive market sentiment towards the company's growth and profitability [1] Financial Performance - In Q2 2025, Huazhu Group achieved total revenue of 6.426 billion RMB, a year-on-year increase of 4.52% [1] - The net profit attributable to shareholders for Q2 2025 was 1.544 billion RMB, reflecting a significant year-on-year increase of 44.7% [1] - For the first half of 2025, total revenue reached 11.821 billion RMB, up 3.46% year-on-year [1] - The net profit attributable to shareholders for the first half of 2025 was 2.438 billion RMB, marking a year-on-year increase of 41.25% [1] - The company proposed a cash dividend of 0.081 USD per ordinary share for the first half of 2025 [1] Hotel Operations - As of June 30, 2025, Huazhu Group operated a total of 12,016 hotels, which included 547 leased and owned hotels, and 11,469 managed franchise and licensed hotels [1] - The total number of operating hotel rooms was 1,159,086, comprising 80,587 rooms under leased and owned models, and 1,078,499 rooms under managed franchise and licensed models [1] - The company has 2,925 hotels in the pipeline, including 8 leased and owned hotels, and 2,917 managed franchise and licensed hotels [1]

Core Insights - Huazhu Group reported a strong financial performance for Q2 2025, with hotel revenue reaching 26.9 billion yuan, a year-on-year increase of 15% [1] - The total revenue for the group was 6.4 billion yuan, up 4.5% year-on-year, while adjusted net profit rose to 1.35 billion yuan, reflecting a 7.6% increase [1] - The adjusted EBITDA for the quarter was 2.3 billion yuan, marking an 11.3% year-on-year growth [1] Financial Performance - As of June 30, 2025, Huazhu Group achieved total revenue of 11.821 billion yuan, a 3.46% increase year-on-year [1] - Shareholder net profit reached 2.438 billion yuan, up 41.25% year-on-year, with basic earnings per share at 0.79 yuan [1] - The company proposed a cash dividend of 0.081 USD per share for the first half of 2025 [1] Operational Highlights - The total number of operating hotels reached 12,137, an 18% increase year-on-year, with total guest rooms at 1,184,915, up 18.3% [1] - During the reporting period, the company opened 597 new hotels and had 2,947 hotels under development, covering 1,522 cities [1] - Huazhu's CEO emphasized the dual growth in scale and profitability despite market supply pressures, maintaining high occupancy rates [2] Market Metrics - In Q2, Huazhu's average daily rate (ADR) was 290 yuan, occupancy rate (OCC) at 81%, and revenue per available room (RevPAR) at 235 yuan, all showing recovery compared to the previous quarter [2] - The new hotel openings in Q2 included 44% economy hotels and 42% mid-range hotels, with a total of 595 new stores [2] - Huazhu's brand HanTing was ranked first in the "Global TOP 50 Hotel Brands" list by HOTELS magazine, recognized for having the largest room count among listed brands [2]

Core Viewpoint - Huazhu Group reported growth in revenue and profit for the first half of 2025, despite a decline in key operational metrics in the second quarter. The company remains optimistic about long-term travel demand while focusing on brand upgrades and supply chain optimization [1][6]. Financial Performance - In the first half of 2025, Huazhu Group achieved revenue of 11.8 billion RMB, a year-on-year increase of 3.5% [2]. - The net profit attributable to shareholders reached 2.4 billion RMB, up 41.2% from the previous year [2]. - Adjusted EBITDA for the first half was 3.8 billion RMB, compared to 3.5 billion RMB in the same period of 2024 [1]. Business Segmentation - Revenue from Huazhu China was 9.6 billion RMB, a 5.6% increase, while Huazhu International revenue was 2.2 billion RMB, down 4.9% due to a decrease in leased hotel numbers [2]. - The income from leased and owned hotels was 6.2 billion RMB, a decline of 8.7%, while management and franchise hotel income rose to 5.4 billion RMB, a 22.0% increase, accounting for 45.4% of total revenue [2]. Operational Metrics - In the second quarter, key metrics such as RevPAR, ADR, and occupancy rate experienced declines [4]. - The average daily rate (ADR) for leased and owned hotels was 375 RMB, down from 338 RMB in the previous quarter [5]. - The overall occupancy rate dropped to 82.6%, down from 76.2% in the previous quarter [5]. Strategic Focus - The company is undergoing a light-asset strategy transformation, reducing direct operations, which has led to a temporary decline in related revenues [2]. - The gross profit margin improved from 22.5% to 24.3% year-on-year due to the increased contribution from high-margin businesses [2]. - Huazhu Group plans to continue focusing on brand upgrades, supply chain optimization, and enhancing sales capabilities to navigate short-term uncertainties [6]. Market Outlook - The CEO indicated that despite challenges from rapid supply growth and macroeconomic factors, domestic travel demand remains stable [4]. - For the third quarter, the company expects revenue growth of 2% to 6% year-on-year, with management and franchise income projected to grow by 20% to 24% [6].